After reaching 4480 yesterday, Gold bounced back up and reached 4589, before dropping again, going below the May 18th NWOG, then it recovered a bit and is now being traded at 4537, below the May 18th NWOG, and it has been consolidating in the same zone since yesterday.
In my view, Gold will most likely go lower towards the demand zone, and considering the news about of war not ending for the time being, and the rising demand of Oil, I expect Gold to either continue consolidating or drop further towards the Demand zone, and sweeping the SellSide Liquidity pool below the 4880 level in the process.
However, if Gold manages to break above the May 18th NWOG and stabilize above it, it'll go to retest the May 19th NDOG and if it breaks above this resistance as well, we can see it go towards the 4600 resistance level.
In my view, Gold will most likely go lower towards the demand zone, and considering the news about of war not ending for the time being, and the rising demand of Oil, I expect Gold to either continue consolidating or drop further towards the Demand zone, and sweeping the SellSide Liquidity pool below the 4880 level in the process.
However, if Gold manages to break above the May 18th NWOG and stabilize above it, it'll go to retest the May 19th NDOG and if it breaks above this resistance as well, we can see it go towards the 4600 resistance level.
Trade closed: target reached
***4480 Sellside Liquidity pool***Target reached as expected, position closed.
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Free channel: t.me/AmirAliTrading_Official
Wanna join the Gold, Forex and Crypto Premium channel? Contact me: t.me/Amirali_Trading
Wanna join the Gold, Forex and Crypto Premium channel? Contact me: t.me/Amirali_Trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.